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mortgage deals. u.s. attorney general eric holder told reporters yesterday many of the scams involved unnecessary fees and were aimed at innocent homeowners attempting to participate in foreclosure relief programs created by the obama administration. holder says several government agencies coordinated efforts to track down con artists. "over the past 12 months it has enabled the justice department and its partners to file 285 federal criminal indictments and informations against 530 defendants for allegedly victimizing more than 73,000 american homeowners and inflicting loses in excess of one billion dollars." meanwhile, a u.s. attorney in new york has filed a civil lawsuit against wells fargo. the bank is accused of bilking consumers out of millions of dollars in mortgage fraud. wells denies allegations. meetings resume today for 8 u.s. senators aiming to avoid the year-end fiscal cliff. the bipartisan group continues a second day of meetings that will stretch into tomorrow. the goal is for democrats and republicans to reach an agreement on how to avoid the looming spending cuts that
news from the u.s. the nasdaq lost 2 points. much of that had to do with selling in in apple. apple lost nearly 8 dollars. jp morgan-chase is sued for fraud by the new york attorney general for its mortgage-backed securities. american express is paying $112 million to settle allegations that it illegally charged customers with late fees and used other deceptive practices. tails are wagging at petsmart. the company is leaving the nasdaq to join the s&p 500, pushing out sunoco. scott bauer of trading advantage has his eyes on the market for us today. good morning to you scott. > > good morning angie. > > it was a mixed market yesterday, with some mixed data coming in. what do you think was most important to the markets yesterday? > > honestly, we had that ism number that came out near the opening of the market, which, albeit not being a great number, was a better-than- expected number. but i really think the market had been set up for a little bit of a rally based on the news that had come out overnight on sunday night, out of china and out of spain. first off, out of china, their man
dollars, while oil pumped up more than a dollar. a setback for apple today. a u.s. appeals court overturned a ban on the sale of samsung smartphones running on google's android system. chip-maker a.m.d. cut its forecast, sending shares down more than 5% last night. and it's bye-bye to refillable glass coke bottles. the last one rolled off the production line in minesota. let's get a trader's take on the day. larry shover of sfg alternatives is ready for this friday. good morning to you. > > good morning. > > yesterday, the market had quite a bounce off the jobless claims number, and then it fell apart throughout the session. what was going on there larry? > > i think traders looked through that number and realized it was the lowest in four years, but a lot of it had to do with one state's seasonable adjustment. so, i don't think traders were really bullish on that number, but just waiting to see what happens next month. > > jobs are jobs. let's move on to spain. there's a lot of pain there. that country is still deciding what's going to happen next with its debt crisis. > > right
rallied. i think it's a broader focus. the european tail risk has gone away. u.s. and china numbers aren't great, but they're stabilizing. so i think people are getting their heads around the fact that things have perhaps bottomed out in the market. > > as you mentioned, ibm was a heavy weight on this market yesterday. could that continue on into today? > > it definitely could, and we'll see earnings coming out later. but right now i think the expectations are so low for the market, and i do believe that most people are looking past quarter three and maybe even quarter four, and i think more people are looking toward china and looking toward europe for where the market is going to go next, and not really on earnings per say. > > what about ge though? this sometimes can be a market mover. the earnings are coming up on friday morning. > > ge definitely could be a market mover. but when i consider the fact that yesterday ibm went down 5.5% and the s&p and the dow continued to rally, i don't know how much impact ge could have unless their earnings were so poor and such a game changer. other
will be that crazy as to let that the fiscal cliff happen. government will solve this and not force the u.s. into recession." as for the presidential campaigning, for all the talk about healthcare costs and tax cuts, only one in five employers surveyed told careerbuilder that the election's outcome would impact their hiring. the rest said it'd have no effect or weren't sure. but retailers plan to use the holidays as an audition for full-time applicants. john challenger says out of 700,000 holiday hires, 25% will see it lead to a full-time position. on the flip side of all this, layoffs are at their lowest levels in a decade. even cutbacks to government payrolls have slowed to 1/8 of what they were a year ago. also from the labor front this morning, navistar is considering closing some factories to get back on track. according to reports, the financiallly troubled truck and engine maker is also cutting its white collar workforce by 800. meanwhile, google says job cuts in its motorola mobility unit may go beyond u.s. borders. google bought the motorola unit back in may to make cell phones an
, looking at the u.s. dollar index or also treasuries. they believe that financials should continue a momentum lower, as we've seen over in european banking shares. > > the vice presidents debate tonight. after the presidential debate we saw a move in healthcare stocks. do you think we'll see that again? > > we're probably going to see a lot of healthcare, a lot of educational stocks also start to move around. there's also a lot of concern about some of the defense sectors, because the romney administration is looking to really boost into that. so you could see a bit of movement in there as well. > > thank you phillip, have a good one. > > thank you. the average price of a gallon of gas nudged lower by a half-cent in california. that may not be much, but after 11 straight days of increases, analysts say it's a start. the spike came when california refineries were winding down production of one blend while a fire and power outages disrupted the supply even more so. as the gasoline supply in california, in which prices jumped to more than $5 a gallon, eased a bit, chevron said its thi
against murray energy sparked a federal elections commission complaint and a call for the u.s. attorney in northern ohio to investigate. these are hardly the only allegations of political pressure employers are applying in the workplace. two weeks ago, employees of koch industries received voter information packets full of company-endorsed republicans warning that "employees and conctractors may suffer the consequences of voting for president obama and other democrats." "realistically, the best they could do is file a complaint with the nlrb under nlra to voice their right as a unified group of employees." labor attorneys say this trend will likely lead to modifications on how the citizens united decision is applied to employees in the workplace. the ruling is only two years old. until then, private sector employees have far fewer protections against management retailitation than their public sector counterparts. as the presidential candidates warm up for tonight's town hall style debate, there is already a clear winner: broadcasters. more than $2.5 billion has been spent on political a
. 500 chefs are asking the u.s. government to prevent unapproved fish from making it onto american plates. and the national average on a gallon of unleaded gasoline dipped 14 cents from last week. kevin craney of rjo futures joins us on this monday morning. good morning to you kevin. > > good morning. > > better-than-expected news about the economy came out in that gdp number on friday. will we see follow-through in the market today? > > i think you will see a little bit of follow-through. that number is really a feel- good number. 2% above expectations. but really i do think it's important to dig down into the details of that number - fixed investment and exports actually contracting. so, the question is how long can the consumer continue to spend and the government continue to spend and prop up the economy? so, i think that's something you have to watch. but yes, i do think we'll see a little follow-through today. > > how much of an effect do you think this storm that seems to be brewing out there, wicked whether this week, will affect the market? will it be rattled? > > the mode
cited in 5 death reports by u.s. regulators during the past year. a spokeswoman for monster beverage says "the company has not been notified by the fda about its enegry drinks as a possible factor in the deaths." monster, however, admits to it is being sued by the parents of a 14-year-old who claim the energy drinks led to caffeine toxicity and eventually the death of their daughter. monster stock fell 14% yesterday. apple is delivering its latest little addition to its tech family today - the new ipad mini, which is smaller and cheaper than its big brother ipad. there's buzz this new gadget might just overtake amazon's kindle in the marketplace when it hits stores next month. but tech analyst rob enderle says "not so fast." "this is really apple trying to wrap its arms around what has become an incredibly hot sector. i see people seeing it as an alternative to the kindle fire, but because the fire is so closely related to reading and amazon is so closely tied to that practice and apple not so much, i'm not convinced yet that it'll be a huge challenger for the kindle
about what's behind being accepted or rejected from a school. plus, oil production is soaring in the u.s. will it have an effect on gas prices? and, is the halloween box office a trick or a treat for movie goers? first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's thursday, october 25th. i'm angela miles. in today's first look: apple comes out with earnings after the close. the stock rallied 3 dollars yesterday, but has fallen far from the $705 peak it hit back in september. the federal reserve is sticking to its economic stimulus and will keep interest rates through 2015. the fed says job growth is slow, but housing is rebounding. the fed meets again in december. a very red day, with a selloff in stocks, gold and oil. it's the 5th session in a row oil has declined. a warning from best buy sent shares tumbling 7%. the retailer warned earnings will fall siginigicantly short and a management shake-up is underway. and could it be game on for zynga? shares rallied 15% on word the social gaming company plans a $
is coming to the talks, nuclear talks, with the u.s., which i think also maybe took a little bit of the edge off of crude prices as well. > > the speculators. ...the alleged speculators. let's move on- > > you can't blame it on the speculators. > > it's just a lot of premium. they love the premium, let's put it that way. > > right, right, right. > > let's move on to china. what's an update there? > > i think in china what you saw, many people think we've seen the worst, the bottom trough of economic growth in the q3 gdp which was released earlier in the week - 7.4%. they think that's probably a bottom. as we come into some encouraging signs, they're still expecting some stimulus as far as infrastructure projects, lowering reserve requirements and so forth. they're looking for some sort of intervention. however, i wouldn't get too excited about that part because i think that china is really looking to rebalance that economy in favor of domestic consumption, and exports have become a smaller part of their gdp growth anyway, contrary to popular belief. but i think they don't want to really be d
have caused the spike. the number of foreclosures in the majority of the u.s. have fallen to levels not seen since 2007. realty trac tells reporters the worst is over for most of nation. however, foreclosures remain highest in sections of california, illinois, and florida. execs at top companies want a debt deal from congress to fix the nation's deficit. according to the wall street journal, an open letter to congress asks for members to use a mix of spending cuts and tax-revenue increases. the letter was signed by 87 heavy hitters including goldman sachs' lloyd blankfein, and j-p morgan's jamie dimon. it asks to follow the 2010 deficit reduction plan. the statement does not endorse a presidential candidate's economic plan. ford is having more car trouble overseas. due to stalling sales--the u.s. automaker now plans to close 2 plants in england, on top of the belgium plant closure announced earlier. cutting a total of fs 57-hundred jobs. ford anticipates european losses will exceed $1.5 billion this year. and next. next week gm is expected to detail the re-structuring of its
measures will actually happen. there was some shine to auto sales in september. the big three u.s. automakers - ford, chrysler and gm - reported mixed but mostly upbeat sales in september on tuesday. chrysler was on top with a 12% uptick in september sales. sales came from new models, low interest rates and the improving u.s. economy. the car manufacturer reported sales of 142,000 vehicles, led by the dodge avenger midsize sedan. gm had a 1.5% increase, but truck sales fell 7.6%. ford sales slipped .1%. toyota sales in the u.s. rose over 40%. there's more trouble in the air for american airlines. tuesday, a boeing 777 flying from chicago to london made two emergency landings, one in canada because of a medical emergency and other in ireland because a fan was giving off a smokey odor in the cabin. that's just the latest issue at the airline. american officials acknowledge that 8 of its boeing 757's are under inspection for loose seats. seats came loose on 3 flights in the past few days. the airline says the seat problem has nothing to do with unhappy employees. mark zuckerberg is a
she will likely be met by a sea of angry people. yesterday in the u.s.: a stock slide on china. stocks and commodies all fell on continued concerns of a slowdown in the chinese economy. and in m&a, principal financial is said to be ready to buy a chilean pension managing company for $1.5 billion. mark sebastian of option pit mentoring joins us now. will some eyes be on europe today mark? > > i think europe's interesting. i think everybody is waiting for the spanish regional elections on october 21st to see if after that they ask for the bailout. we've seen some real strength in the euro. i'm not sure that can last if spain asks for a bailout, and i think we're running into some technical highs on the currency. expect to see the euro drop a little bit here. > > here in the united states a lot of people are concerned about alcoa's earnings, which come out after the close and kick off the earnings parade. > > earnings cycles the last couple of cycles have been "expect the worst and get mediocre," which ends up being bullish. remember, this is a market of expectations, not of results. we'r
the u.s. dollar be compred to the best house on a bad block? first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's monday, october 22nd. i'm angela miles. in today's first look: october is living up to its reputation as a wicked month. friday was the 25th anniversary of the 1987 stock market crash, and history did not repeat itself. but as you can see on the screen, stocks took a beating in across-the-board selling by investors. it's round 3 - the final night of debates for the presidential candidates. tonight, president obama and gop contender mitt romney go toe-to-toe over foriegn policy. swiss voters plan to cast ballots on whether millionaires and billionaires from other countries should continue to get tax breaks while living there. and starbucks will open 2 more coffee shops in india this week, after opening its first shop last friday. what will today bring? everybody wants to know the answer to that question. ben lichtenstein of joins us on this monday morning. what a sell-off on fri
in for round one of the presidential debates. the candidates focused on major issues including jobs and the u.s. economy. my plan has 5 basic parts. one get us north america energy independent, that creates about 4 million jobs. number two open up more trade particularly in latin america, crackdown on china if and when they cheat, number three make sure our people have the skills they need to succeed, and the best schools in the world (we're far away from that now), number four get us to a balanced budget, number 5 champion small business. gov romney's central economic plan calls for a 5 billion dollar tax cut, on top of the extension of the bush tax cuts-- that's another trillion dollars and 2 trillion dollars in military spending that the military hasn;t asked for. that's 8 trillion dollars. how we pay for that, reduce the deficit, make the investments we need to make without dumping those costs on the middle class americans is one of the central questions of this campaign. president barack obama and former governor mitt romney adapted to the new format of debate, six segments of 15 minute
that the stronger housing market has contributed to economic growth throughout most of the u.s. in what could be a case of bad timing, average investors are exiting the stock market in droves this year. the latest numbers show $10.6 billion was recently pulled out of u.s. stock mutual funds. that brings total outflows to more than 100 billion dollars. meanwhile, the s&p 500 has gained roughly 14% in the past 9 months. "it's timing. timing is very difficult, and, i would say for the most part people have their timing off. it's wrong, when they want to get out of the market, it's the time to get in; when they want to get in the market, it's time to get out. so i kind of look at that right now from the contrarian standpoint. and, i look at it and say if everybody wants to be out of the market, i want to be in the market." scott bauer of trading advantage adds, however, it's not a bad idea to take some profits now, with the stock market near 5- year highs. the ipo market is still hot. sears hometown began trading on the nasdaq friday under "shos." meanwhile, shares of cloud computing company work
in this year's reliability rankings-- taking 7 of the top 10 spots. among u.s. car makers ford especially took a hit ending up at the bottom of the reliability list after making into the top ten 2 years ago. ford fell on consumer complaints about its infotainment and control system. meanwhile.. toyota is said to be on track to sell a record number of vehicles around the world this year. bmw's top luxury car is being recalled... again. more than 45,000 7- series sedans, model years 2005-2008 need repairs to correct a flaw that could cause them to roll away while in park. bmw says its a software problem on cars with keyless ignition. dealers wont be able to make the fix until march. last week, bmw recalled many of the same vehicles because some doors were not latching because of the software. its royal luster thanks to an 83 percent dive in earnings in the third quarter. this is the company's first full quarter as a publicly traded company and charges relating to that transition as well as struggles to attract new customers were additional challenges for the burger giant. the company did repo
. the latest example comes from standard and poor's case schiller index, which shows home prices rose in most u.s. cities in august by 2% when compared to a year ago. additionally, the report notes that many of the hardest hit markets are showing gains. add to that a federal index of housing prices that also cites annual price increases during the past two years. profits continue to climb at ford. the car company brought in $2.3 billion in pre-tax profits, making up for the $468 million loss in europe. ford expects its european losses could exceed $3 billion during the next 2 years. this is the third quarter in a row ford has earned more than $2 billion. what works for pizzas may not work not for ipads. the same-day delivery service that walmart, amazon and ebay all recently launched is not going as smoothly as expected. customers in certain test cities can choose to spend an additional $10-$15 to receive their purchases that day. but the convenience of rapid home- deliveries has turned out to be a logistical and costly nightmare for the online retailers. problems range from high overhead to unre
tax revenues will generate $39 billion. oops. the u.s. postal service missed a payment over the weekend. the $5.6 billion due the treasury last night is its second default. last month it missed a $5.5-million payment. the usps has been begging congress to let it eliminate saturday mail service and reduce future health benefit payments to retirees, but congress, so far, won't let it. bank of america could soon mail out $2.4 billion in checks to investors who sued the big bank over its acqusition of merrill lynch. b of a is agreeing to pay to settle a class action lawsuit from 2009. bank officials, however, are denying the suit's allegations that executives mislead investors about the financial health of bank of america when it acquired merril lynch. the deal still needs court approval. by the end of the month, starbucks will debut in its latest country, india. its first indian store will be in mumbai. in january, the coffee company said it wanted to open 50 starbucks by the end of the year through a partnership with india coffee chain tata global beverages. reports say it's l
etfs could lead to big rewards. but the operative word is risk. how americans are helping the u.s. government chip away at the federal deficit. and, it could be bottoms-up for investors in a beer and wine stock. keep it here. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning. monday, october 8th. i'm angela miles. in today's first look: a new round of corporate earnings start up this week. overall, earnings are expected to tumble around 2% from last year. here's where we last left of on friday. stocks rallied on news the unemployment rate dropped to 7.8%. the dow gained, the s&p was flat, and a sell-off in apple dragged down the nasdaq. oil and gold staged dramatic pullbacks. today, platnum and gold producers will push to end a strike by south african workers over low wages. philip streible of rjo futures joins us on this monday morning. will we see a follow-through from that jobs number that came out on friday? > > that's a really interesting question. the reason why i bring that up is because the mark
in america, saying, "it's the intent of the company and management to do everying possible to retain its u.s. workers and factories." williams went on to praise workers and says hmx has a great relationship with the union. according to reports, several buyers are interested in acquiring the company, but the union is quick to assert that any buyer who only purchases the iconic name and sends the actual manufacturing overseas will face a global boycott. strong economic data out of china could provide some opportunity for investors. china's gdp rose to 7.4% in the third quarter, reducing concerns of futher slowdowns in the world's second largest economy. trader mark sebastian of option pit mentoring tells first business china's data is sending postive signals to investors. "as long as china has a soft landing and europe and north america continue to get their footing back together that is not such a terrible thing. yes, maybe china is flattening out, but if china's slowdown is flattening out, that is really bullish for the world economy." as sebastian notes, the euro crisis continues to threate
, what it means for your money if the u.s. edges over the fiscal cliff. that's next. fears about the so-called fiscal cliff are growing among big- time money managers. jeff glenzer, who represents the association for financial professionals, joins us this morning with the result of a new survey of around 1,000 financial leaders. good morning. what's the top economic concern? > > the top economic concern really is that fiscal cliff. that's coming up very quickly, and our members are very concerned about its impact if it's not addressed. 75% of them believe that if the fiscal cliff were to occur, that the economy overall would suffer, and 50% believe that their own businesses would suffer under those circumstances. > > how much of a role do money managers think the upcoming election will play? > > it's interesting, our survey doesn't really think it's the outcome of the election that matters so much as it is that they get past the election and the administration, whoever's administration that is, and congress, get back to washington and tackle tough issues like the fiscal cliff, as well a
Search Results 0 to 22 of about 23